person
Friedrich Hayek
Austrian-British economist (1899–1992). Principal twentieth-century theorist of the Austrian business cycle and the price-system epistemology of markets. Nobel laureate 1974, jointly with Gunnar Myrdal.
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F. A. Hayek’s career bridges Vienna in the 1920s, the LSE in the 1930s, Chicago in the 1950s, and Freiburg in his later years. Prices and Production (1931) and the debates with Keynes and Sraffa established the Austrian business-cycle theory in its mid-century form. The Use of Knowledge in Society (1945) is the canonical statement of the price-system-as-epistemic-discovery framework that grounds the broader Austrian and market-liberal programs. The Constitution of Liberty (1960) and Law, Legislation and Liberty (1973–1979) extend the program into political philosophy. Awarded the Nobel Memorial Prize in 1974 — a recognition received in the early years of the stagflation episode that would give Austrian frameworks their fairest postwar hearing.